Reason for possible shutdown of Azerbaijani Int’l Insurance Co
Baku, Azerbaijan, Oct. 6
By Anvar Mammadov – Trend:
Possible closure of the International Insurance Company, which is to be discussed at a shareholder meeting Oct. 12, is explained by its unsatisfactory financial performance, said Elmir Habibullayev, deputy chairman of the International Bank of Azerbaijan.
The International Bank of Azerbaijan is the sole founder of the International Insurance Company.
“At the moment, an optimization process is underway in the International Bank,” Habibullayev told reporters in Baku Oct. 6.
“Current financial performance of the International Insurance Company is deemed to be unsatisfactory and is not interesting for us in terms of business, therefore we decided to bring up the question of liquidation of the Insurance Company to shareholders for discussion,” he added.
The International Insurance Company, founded by the International Bank of Azerbaijan in 2002, received a perpetual license for insurance activity in 2012, and, as of today, the company provides 32 insurance services.